Yesterday morning on CNBC, the CEO of Johnsonville Sausage, a Wisconsin-based company, spoke out clearly on the coming food inflation.
He indicated that his company's input costs are rising, so overall food inflation is on its way. Then he commented indirectly on the folly of 'using corn to make gasoline,' meaning the government's push for ethanol, about which I wrote here recently. His tone was dismissive as well as incredulous, as he described himself as 'just a guy who makes sausage.'
Funny, though, how he's in fairly-rural Wisconsin, or, at least, not back East, so you'd think, according to Newt Gingrich, that the CEO would be raving about ethanol.
He's not. Instead, as a food producer, he clearly sees the mistake in taking food and pointlessly wasting it in gasoline, where it doesn't even deliver sufficient power to maintain octane ratings.
But, unlike the Fed or other seemingly-blind pundits, the guy was crystal-clear in warning that major food inflation is coming down the pike, like it or not.
I believe him.
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